Hassan Maishera
TL;DR
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A long-dormant Bitcoin whale transferred 5,908 BTC, worth approximately $382.7 million, after more than 8½ years of inactivity.
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The wallet received the Bitcoin in December 2017, when the holdings were valued at about $99.6 million.
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The transferred BTC remains in a new wallet, with no signs of being sent to an exchange.
A long-inactive Bitcoin whale has resurfaced, transferring 5,908 BTC worth approximately $382.7 million after remaining dormant for more than eight years and six months.
The large transaction has drawn attention across the cryptocurrency market, as significant movements from dormant wallets are often closely monitored for clues about potential selling activity or long-term holder behavior.
Dormant Wallet Becomes Active
According to blockchain analytics platform Lookonchain, citing data from Arkham, the wallet identified as "138EM…ReyiT" transferred its entire 5,908 BTC balance to a newly created address at approximately 7:15 p.m. ET on Wednesday.
A #BitcoinOG transferred 5,908 $BTC($382.67M) to a new wallet after being dormant for 8 years.
— Lookonchain (@lookonchain) July 16, 2026
The OG received 5,908 $BTC 8 years ago when $BTC was trading at $16,865 and had held it ever since.
The position is now up $283M (+284%).https://t.co/x77s7oSDhC pic.twitter.com/bw4dUN7y13
The Bitcoin has remained in the recipient wallet, with no indication that the funds have been moved to a cryptocurrency exchange or prepared for sale.
The wallet originally received the Bitcoin in December 2017, when BTC was trading near $16,800. At that time, the holdings were valued at approximately $99.6 million.
With Bitcoin now trading around $64,00, the same holdings have appreciated to nearly $382 million, representing almost a fourfold increase in value over the holding period.
The transaction highlights the substantial gains enjoyed by early Bitcoin investors who have held their assets through multiple market cycles.
Another Dormant Whale Moved Funds Earlier This Week
The latest transfer follows another notable whale transaction earlier this week. A separate long-term Bitcoin holder moved approximately $188 million worth of BTC after more than seven years of wallet inactivity, adding to growing interest in movements from early Bitcoin investors.
Although the reasons behind these transfers remain unknown, market participants often watch dormant wallet activity closely because such transactions can sometimes precede over-the-counter deals, wallet reorganizations, institutional custody changes, or exchange deposits intended for selling.
However, large transfers do not necessarily indicate that assets will be sold.
Despite renewed attention surrounding dormant whale wallets, Bitcoin has shown little reaction to the latest transaction.
The cryptocurrency was trading around $64,00 on Thursday, down approximately 1% over the previous 24 hours.
For now, traders will likely continue monitoring the newly created wallet for any additional movements, particularly transfers to centralized exchanges that could signal potential selling pressure.
